Ben Bernanke is the don of the greatest criminal enterprise in the world.
And yesterday his made monsters, the Five Families, lined up to kiss his ring, again.
By not “tapering” or reducing the $85 billion a month ($45 billion in Treasuries and $40 billion in agency mortgage-backed securities) the Fed is buying from banks, the Fed is saying to its hit men, “We are family, and as long as Johnny Law is coming after you, we’ve got your back.”
The “legal and litigation costs” (that means lawyers and fines) racked up by America’s Five Families since the credit crisis gently (not) ushered in the Great Recession is over $103 billion, by some estimates. That doesn’t include actual losses from related activities.
The Five Families, according to the Federal Reserve, are big, very big bosses in their territories, which means America and a good part of the world.
Let’s name names… and then I’ll tell you the REAL reason the Fed didn’t taper yesterday.
Here are the Five and how big (by total assets) they are as of 06/30/2013:
| 1. JPMorgan Chase & Co. | $2,439,494,000,000 |
| 2. Bank of America Corp. | $2,125,686,000,000 |
| 3. Citigroup Inc. | $1,883,988,000,000 |
| 4. Wells Fargo & Co.. | $1,440,563,000,000 |
| 5. Goldman Sachs Group Inc. | $938,611,000,000 |
That’s a lot of muscle.
No comments:
Post a Comment